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HomeCrypto NewsAnalysisBitcoin Targets $84K Amid Highest Whale Growth in Seven Weeks

Bitcoin Targets $84K Amid Highest Whale Growth in Seven Weeks

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Despite institutional outflows, whale activity has surged to a multi-month high, fueling hopes for a Bitcoin rally above $84,000.

Bitcoin recently retested the $78,350 support zone following an unexpected dip in U.S. inflation to 2.4%, below the forecasted 2.6%. This lower inflation reading failed to sustain the prior bullish momentum, especially after a 90-day pause in global tariffs.

Currently, Bitcoin has rebounded to around $80,000, signaling a potential short-term recovery. Could this uptrend push the price beyond the $84,000 mark once again? Let’s dive into the analysis.

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Bitcoin Price Analysis

On the 4-hour chart, Bitcoin recently broke down from a symmetrical triangle pattern, triggered by a bearish shift following the U.S. announcement of increased global tariffs.

However, a 90-day pause in the tariff implementation led to a double-bottom reversal from $74,892. Following the rebound, Bitcoin climbed back to the broken triangle pattern near $83,500. Yet, strong rejection at higher levels pulled the price back down to the $78,350 horizontal support.

Bitcoin Price Chart
Bitcoin Price Chart

At present, Bitcoin is consolidating between $78,350 and the overhead resistance at $81,595. The double-bottom reversal has also sparked bullish momentum in technical indicators.

The MACD lines are nearing a bullish crossover into positive territory, accompanied by fresh bullish histogram bars. The super trend indicator has also turned positive, with a new bullish signal emerging at the $75,654 baseline.

Whales Accumulate More Bitcoin

As the market anticipates a relatively stable 90-day window before any new tariff developments, large investors appear to be aggressively accumulating Bitcoin. According to a recent tweet from Santiment, whale and shark activity has reached its highest point since February 20.

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In the past 24 hours alone, the number of wallets holding more than 10 BTC increased by 132, bringing the total to 152,000. Meanwhile, wallets holding less than 10 BTC now number 54.69 million.

Additionally, according to CryptoQuant, wallets holding between 1,000 and 10,000 BTC now hold a balance of 3.49 million BTC—above their 30-day moving average of 4.36 million BTC. This metric excludes exchange and mining pool wallets, reinforcing the narrative of growing demand from large investors.

 

Bitcoin ETFs See Continued Outflows

Despite bullish on-chain signals, institutional sentiment remains weak. On April 10, U.S. Bitcoin spot ETFs recorded net outflows totaling $149.66 million—marking the sixth straight day of withdrawals.

Among the 12 ETFs, Grayscale Mini Bitcoin Trust led with $9.87 million in outflows. Fidelity followed with $74.63 million, while Grayscale Bitcoin Trust saw $44.63 million in outflows.

ARK 21Shares and Bitwise reported smaller outflows of $12.69 million and $10.82 million, respectively. Franklin and Invesco recorded outflows under $10 million. The remaining five ETFs posted net-zero flows.

Bitcoin ETFs
Bitcoin ETFs

Bulls Begin to Resurface in Bitcoin Futures

Despite ongoing volatility, Bitcoin futures data shows a slight increase in long positions. According to Coinglass, long positions now make up 50.8% of the market, nudging the long/short ratio to 1.035.

Although this ratio suggests near-neutral sentiment, the increase in long positions from 49.45% in the past 12 hours points to a potential bullish shift.

Conclusion

With rising demand from whales and large investors and renewed momentum in the derivatives market, Bitcoin is showing signs of a short-term bullish revival. A breakout above $81,595 could open the door for another attempt at the $84,000 psychological barrier.

On the downside, the key support levels to watch remain at $78,350, followed by the double-bottom base at $74,892.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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